I don't buy it...AMR can't just walk in to court and say we want to reorganize under bankruptcy protection with 5 billion in cash. They have to show a need for protection due to impending insolvency.
If they can do it, what would stop any company from doing it. I could see it now...Apple to the Bankruptcy judge..."Nevermind that we have tons of cash to pay our bills, we want to declare bankruptcy to stiff our creditors because we can".
With that said, the continued losses at AMR makes bankruptcy look like it is not too many years down the road.